Everyone is feeling the pinch in this tough economy and small business owners are no exception. From trying to keep employees paid to making sure the utilities are covered, business owners are searching for new and creative ways to save a buck and keep their heads above water. Bartering is proving to be one practical and effective method for meeting needs and making revenues, even when business is slow.

Whether your business is new or several years established, bartering can be an important part of your money-making strategy. It is defined by exchanging goods or services for goods or services from another business, and it is a win-win situation, benefiting both parties involved.

Barter networks, such as International Monetary Systems (www.imsbarter.com), provide a great way to connect with other businesses interested in exchanging much-needed goods and services. Once you are a member of a barter network, instead of paying for the goods and services, the business giving you what you need will receive credits to use for something they need from you or another member of the network.

Picture this—a professional accountant exchanges her services with a dry cleaning company for credits. Then, the accountant can use the credits for another service she needs for her business or even her personal life, such as carpet cleaning. Rather than having to pay top dollar for goods and services, businesses taking advantage of bartering can have what they need to make their businesses succeed .

The benefits to bartering actually surpass the aspect of quality goods and services for less. A small business that barters is also receiving free publicity for his or her business. Being part of a bartering network means your business name will be shared with many other businesses in the group. This provides an excellent opportunity to network and promote your business without having to pay hefty advertising fees.

Rise Above the Bad Economy

There is no need to succumb to the economic slump we are experiencing in the U.S. Rather than settling for tough times and trying to simply keep your head above water, why not make the goal to thrive in the midst of challenges? Bartering gives you the chance to do just that as you can save significant amounts on business costs. Barter your services and products and earn credits to receive everything from advertising to window washing.

Nearly every business has excess inventory—perhaps even outdated products. Consider bartering them to free up space in your storage areas while exchanging them for goods you need to improve your business operations.

It’s this type of creative business strategy that sets the thriving businesses apart from those that sink to the bottom in times of economic hardship. Hard times call for switching it up and doing something different to ensure your business makes it, and bartering is one tactic that has proven to be extremely effective and beneficial for all parties involved.

Bartering and Your Business

Is now the right time to consider bartering for your business?

•    Are you hurting for new business? A bartering network is a venue through which other members are referred to you for goods and services, providing opportunities to cultivate new business contacts you would not have had access to otherwise.
•    Are you considering reducing the prices of your products in order to get them out the door? Rather than lowering your prices and therefore your profit, bartering allows you to exchange them for valuable credits or trade dollars that can help you to make the most of your business operations.
•    Has your bottom line taken a hit? Joining a barter network can help you to reduce expenditures as you use your trade dollars for necessary goods and services, ultimately contributing to a significant increase in your company profits.
•    Could you use some free advertising? In a poor economy, advertising is one of the first places small business owners try to reduce costs. A bartering network provides a built-in advertising system. Other businesses learn about the services you offer and are likely to either use your business or recommend it to others. Furthermore it is the very best kind of advertising: word of mouth!

While the current economic situation is no picnic for small business owners, the good news is that you do not have to idly stand by and watch your business suffer. Barter truly is better—it’s a smarter way to do business and can give you the goods, services and even the customers you need to achieve a thriving business.